Drilling Tools International agrees to buy Saltire Energy, Foxley Energy for $80 million cash plus 17,400,000 shares
DTI•Drilling Tools International agreed to acquire Aberdeen-based Saltire Energy and Foxley Energy for about $80 million in cash and 17,400,000 shares, with closing targeted for Q1 2027.
1. Deal terms and timing
The cash portion is expected to be funded with new debt financing and borrowings under Drilling Tools International’s existing credit facility. Sellers, including the Loggie family, are expected to own about 30% of the company’s common stock at closing.
2. Saltire financial estimates
Saltire is estimated to have run-rate 2026 revenue of about $50.4 million, adjusted EBITDA of about $22.5 million and adjusted free cash flow of $15.8 million. The deal is expected to increase Eastern Hemisphere exposure from about 18% of revenue in Q2 2026 to about 40% pro forma.
